These are recent experiences of mine and family .
You have a trip booked but you get to the stage where everyone knows it's not going to happen. The airline/travel company say absolutely nothing until the last minute in the hope you will cancel it. When they cancel it they offer a voucher or re-booking and if you are entitled to a refund it is made as difficult as possible.
My daughter was planning a visit from the Uk and the airline had publicly declared it's fleet grounded, cancelled her flight with 2 days notice but didn't cancel the return flight a week later. Eventually resolved.
I currently have 500 Euros 'invested' in a ferry company that I can't get back and they are even offering discounts on a booking in the summer that everyone knows is unlikely to happen.
Apart from petrol in the car I certainly won't be parting with any money on travel until all this has settled.